Nothing wrecks an e-commerce shopping experience quite like "porch piracy". Unfortunately, data recently published by Experian indicates that shipping fraud increased 37% in 2017 with the Western U.S. experiencing an almost 60% increase! So while it's exciting to see e-commerce sales continue to soar with double-digit growth rates, shipping fraud is growing even faster and threatening to ruin the party.
If theft, damage, loss, or other shipping risks are a concern for your business, take a closer look at and provide your input on "Pacejet Protection", a new "All-Risk" shipping insurance policy being developed by Pacejet. The goals of Pacejet Protection are to provide better insurance coverage for parcel and freight, offer lower prices with increased coverage, make claims quick and easy, and integrate coverage selection efficiently into your shipping process.
Read on to learn more and take our shipping insurance survey to provide your feedback.
Insurance only works if you can really use it
A shipping insurance policy offered by the "big parcel carriers" typically limits liability to $100 per package with exceptions for improper packaging or theft after a shipment is left on a doorstep. LTL shipping insurance isn't much better with coverage commonly limited to $25 per pound and exceptions or liability limits for FAK pricing, commodities being shipped, and more. With so many exceptions, conditions, and complex coverage rules limiting the value of insurance, it's little wonder that many shippers decide to simply accept the losses and "self-insure".
"All Risk" insurance is simpler and a better value
Like the name implies, an "All Risk" shipping insurance policy is simpler and a better value because it covers shipments for theft, damage, or Acts of God. There's no worry about proving carrier negligence before a claim is accepted and no painful experience of navigating unique insurance coverage rules between your different shipping carriers. The solution developed with Pacejet Protection is a simple, multi-carrier coverage program for all of your parcel and LTL shipments with all of your shipping carriers.
Improved coverage levels and faster claims
Coverage levels in the Pacejet Protection program include $15,000 liability per parcel package and maximum liability of $1,000,000 per LTL shipment. There is a requirement to offer proof of shipping and proof of value for products, but the process is fast and easy as part of working with your Pacejet system. And while most parcel and LTL carriers have up to 180 days to settle claims, Pacejet Protection pays claims within 30 days.
Lower prices and flexible coverage
By partnering with Roanoke Insurance company, one of the largest underwriters in the country with 82 years of experience, and leveraging the scale of our nearly $4B worth of goods shipped annually, Pacejet is bringing better coverage to shippers at a lower cost. The Pacejet Protection program costs roughly one-fourth less than carrier-provided insurance while also providing better coverage. Coverage options include the flexibility to make coverage decisions on a shipment by shipment basis with tools provided by Pacejet or to select a lower-cost shipping insurance policy that covers all shipments for all shipping carriers automatically.
Easy access via the Pacejet platform
As part of the roll-out of the Pacejet Protection program, Pacejet is working on integrated transaction control to make it easy to activate and use your new shipping insurance policy within your standard, ERP-integrated shipping workflow. Users will be able to select shipments to cover or activate automatic coverage for all shipments, shipment value can be entered or setup automatically, and premiums payable weekly to Pacejet.
Interested in learning more?
If you are an existing customer, you can learn more about the Pacejet Protection shipping insurance program by downloading our Frequently Asked Questions (FAQ) document. As we work to finalize the new insurance offering, we'd love to have your input and ideas by having you take our online shipping insurance survey.
Or, if you are new to Pacejet, contact our sales team and they will talk with you about all of your company's shipping needs.